Very, very good, says Citigroup’s Yaron Werber and team, who expect Gilead Sciences (GILD) sales of Sovaldi to blow away expectations. They explain:
Bloomberg [Gilead's] Sovaldi is tracking at $484M for the first nine weeks of launch and will post $5.74B in sales for 2014 and $1.21B for Q1:14 vs. Citi $516M and Consensus $368M, if Sovaldi scrips continue at same level as the recent week without any growth. We anticipate that Sovaldi will materially exceed our and consensus ests and believe that posting >$4B-$5B in total sales in FY14 is possible. In the ninth week of launch, Sovaldi's weekly TRx and NRx were 4,051 and 2,848 respectively. While this is only the ninth week, it is still much ahead of protease inhibitor Incivek' launch which had 1,365 TRx in the ninth week of launch.
Shares of Gilead Sciences has dropped 1.3% to $81.52 at 10:33 a.m., while Amgen (AMGN) has fallen 0.3% to $123.78, Biogen Idec (BIIB) has gained 0.8% to $331.07 and Celgene (CELG) has risen 1.1% to $166.59. The SPDR S&P Biotech ETF (XBI) has advanced 0.6% to $153.43.
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